Overview

• The Bundeskartellamt has granted approval for Unicredit to increase its stake in Commerzbank to 29.99%, marking a key regulatory milestone.
• Unicredit currently holds 9.5% of Commerzbank shares and controls an additional 18.5% through derivatives, giving it effective control of around 28%.
• Regulatory bodies, including the European Central Bank and the Austrian Kartellbehörde, had previously approved the stake increase.
• Crossing the 30% threshold would trigger a mandatory takeover bid, a prospect that has drawn opposition from the German government, Commerzbank leadership, and labor representatives.
• Unicredit aims to strengthen its position in Germany’s private and corporate banking sectors, but the move has been described as hostile by Commerzbank, which is emphasizing its independence.